Waveseer CEO Calls Las Vegas 'An Ideal Cannabis Marketplace'

With Nevada's reopening underway, Waveseer CEO David Rosen sees Las Vegas as the place to be due to its opportunity and what he considers the ideal model to run a cannabis marketplace.

"They're the best at gaming, and they're the best at cannabis regulations," Rosen said of the city's regulatory capabilities.

COVID-19 Impact and Response

Despite Rosen's positive sentiments, there was quite a bit of concern about the future of Las Vegas when COVID-19 shut down the tourist-reliant market. While many are reeling, Waveseer appears to be in a favorable position.

Rosen said the brand and its portfolio of companies were able to weather much of the storm. That said, the company's infused product manufacturing did take a hit when factories closed.

However, infused inventory issues have lessened for Wavesser's nine brands and over 30 SKUs as the state reopened. The CEO highlighted dispensaries opening on the famed Vegas Strip as a critical factor.

Reopening to Positive Results

Rosen said both Waveseer's Henderson and Northern Las Vegas locations are performing well, with the Henderson site nearing its best week metrics.

"I think we're over it and coming back strong... we're able to feed big customers," he said of the recent developments.

Rosen added that flower and cultivation are performing strongly as well.

"Plants always grow," said Rosen. "We didn't slow there a second."

The company also reported that the flower it cultivates is the top-selling brand at its Jenny's Dispensaries locations despite only comprising 20% of the shelf space.

"We're about to start offering flower for the first time in five years to other dispensaries than ours," Rosen added.

What's Next for Las Vegas

Waveseer was fortunate to be vertically integrated, according to Rosen. According to the founding partner, those operators who weren't may see significant hits and possible consolidation.

"It's treacherous waters, but we were good at navigating it," he said.

That said, Rosen believes Las Vegas may not see as much adverse impact as other markets. "In Las Vegas, they're developing that market properly," he stated.

Beyond Nevada, Waveseer plans to take its business model and repeat it. The next steps include opening a retail store in Maryland, as well as the opening of its farm and flagship facility in Bend, Oregon, both by year's end.

Related links:
How COVID-19 Impacts The Cannabis Industry
A Snapshot Of America's Medical Marijuana Markets: Nevada